BUZZ-F&G Annuities & Life slides after Q4 profit falls short of expectations

Shares of insurer F&G Annuities & Life FG.N fall as much as 8.5%; last down 8.2% at $40.42

FG late Thursday posted Q4 adjusted profit of $143 million, or $1.12 per share, missing Wall Street expectation of $1.20 per share, according to estimates compiled by LSEG

Piper Sandler says the earnings miss was driven by shortfall in net investment income, which was impacted by a string of rate cuts

Meanwhile, Q4 net sales fell to $2.44 billion from $2.55 billion a year earlier

Brokerage says sales declining for the first time y-o-y since Q2 2023 put shares of the company under pressure

As of last close, FG stock up 6.2% YTD